Epix MS-325 deal

Mallinckrodt (MKG) returned to EPIX exclusive marketing and co-development rights (excluding Japan) to MS-325 (formerly AngioMark), a cardiovascular magnetic resonance imaging agent in Phase III trials to image aortoiliac occlusive disease. EPIX subsequently granted those rights to Schering (DAX:SCHG).

SCHG will pay $30 million in upfront fees and up to $20 million in milestones. EPIX will receive $20 million of the upfront payment as an equity investment of 1.1 million shares at $17.98 per share, and MKG will receive $10 million in cash. EPIX also is eligible to receive $15 million in milestones, while MKG can receive $5 million in milestones. ...